Gold and precious metal scams are not uncommon, and you should always take the time to do your background research before investing in gold—even if it’s a large or recognizable company. As an example from last year, gold dealer Goldline International was charged with making false and misleading statements to its customers and accused of running a bait-and-switch gold scam. Goldline was promoted by popular figures, such as Glenn Beck, and ran large television and radio advertisement campaigns that aired largely during conservative talk shows. Although Goldline denied any wrongdoing, the company agreed to a settlement that that involved paying back millions to former customers and adhering to stricter new requirements in promoting their gold investments.
Many people believe that investment fraud is always easy to spot and that large or well-known gold dealers are always safe. Although not every gold dealer is out to defraud investors, it is important that you always take the time to do your research before you hand over your money—check out the investment, check out the promoter, check out the company’s complaint history, and learn more about the type of gold you’re investing in.
If you believe you have been misled about a gold investment by Goldline International or another gold and precious metals dealer, seek the advice of an experienced investment fraud lawyer before it’s too late to recover your losses. To learn more, speak with Meyer Wilson today.